Forex: USD/JPY slides towards 87.00 following US 10-year yields
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USD/JPY
FXstreet.com (Barcelona) - As US 10-year Treasury yields fall on NY time, the USDJPY is also sliding across the chart, finding its low at 87.02 after a 55-pip plunge.
In regard to the US 10-year yields, the market is approaching 1.85%: "A move through the 1.85% area will signal risk aversion has revived. That would imply a deeper profit-taking pullback in USDJPY", wrote Forexlive.com analyst Jamie Coleman.
NFIB Business optimism rose from 87.5 to 88.0 in December, the Redbook Index eased from 2.9% to 2.1% (YoY), contracting -0.3% on the month. The economic optimism indicator by IBD/TIPP points to a rise from 45.1 to 46.5 in January, beating market consensus of a move to 46.3.
"Negative hourly structure and 4h indicators descending from overbought zone, see potential for further retracement, with loss of 87.22, overnight's low, to open 87.00, 50% retracement and 86.75/70, 03 Jan low / Fib 61.8%", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 88.00 barrier on bounces.
In regard to the US 10-year yields, the market is approaching 1.85%: "A move through the 1.85% area will signal risk aversion has revived. That would imply a deeper profit-taking pullback in USDJPY", wrote Forexlive.com analyst Jamie Coleman.
NFIB Business optimism rose from 87.5 to 88.0 in December, the Redbook Index eased from 2.9% to 2.1% (YoY), contracting -0.3% on the month. The economic optimism indicator by IBD/TIPP points to a rise from 45.1 to 46.5 in January, beating market consensus of a move to 46.3.
"Negative hourly structure and 4h indicators descending from overbought zone, see potential for further retracement, with loss of 87.22, overnight's low, to open 87.00, 50% retracement and 86.75/70, 03 Jan low / Fib 61.8%", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 88.00 barrier on bounces.
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